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The Truly General Theory of Employment: How Keynes Could Have Succeeded

25 Pages Posted: 12 Mar 2014 Last revised: 6 Jun 2015

Egmont Kakarot-Handtke

University of Stuttgart - Institute of Economics and Law

Date Written: March 10, 2014

Abstract

There is not much use to attack standard economics because deep in his heart the representative economist long knows that he is tied to a degenerating research program. The problem is, rather, that it seems to be exceedingly difficult to build up a convincing alternative. Keynes, for one, tried and was successful – albeit not fully. Unfortunately, he got some basics wrong. The conceptual consequence of the present paper is to discard the accustomed subjective-behavioral axioms and to take objective-structural axioms as the formal point of departure for the analysis of employment as the main practical issue of economics.

Keywords: new framework of concepts, structure-centric, axiom set, price setter, full employment, multiplier, price mechanism, profit mechanism

JEL Classification: B59, E12, E24

Suggested Citation

Kakarot-Handtke, Egmont, The Truly General Theory of Employment: How Keynes Could Have Succeeded (March 10, 2014). Available at SSRN: https://ssrn.com/abstract=2406891 or http://dx.doi.org/10.2139/ssrn.2406891

Egmont Kakarot-Handtke (Contact Author)

University of Stuttgart - Institute of Economics and Law ( email )

Keplerstrasse 17
Stuttgart
Germany

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